China's Kaisa Group Holdings Ltd has increased its default risk by announcing that it has failed to obtain the required minimum 95% approval from offshore bondholders to extend the maturity of the $400 million bond due next week.
The embattled real estate developer announced last week a proposal to replace 6.5% offshore bonds due on December 7 with new bonds with the same interest rate redemption on June 6, 2023, if at least 95% of holders agree.
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